Bank Nifty Outlook for 08th May

  In the previous session:  

Bank Nifty went down by 1103 points before closing lower by 1024 points on Friday

Bank Nifty made a new lifetime high of 44151.80 on 14th Dec 2022 from the lows of 16116.25 made on 25th March 2020

On 05th May:

Bank Nifty opened with a big gap down below last target and later bounced back to come closer to our short trigger level and again fell sharply to complete all targets and more doing 1000 points

For 08th May:

Sustaining above 42820 enter for 42915 - 43030 - 43325, SL 42710

Sustaining below 42500 enter for 42410 - 42290 - 42000, SL 42610

In the Previous Week: 

Bank Nifty triggered our weekly long trade on closing above 43430 and almost reached our last target zone of 43860 - 44050 with a high of 43739.80. Overall Bank Nifty did around 300 points on confirming the weekly long trade 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 42920 - 43080 for a move towards its initial weekly long targets of 43510 - 43630. 

Sustaining or closing above 43630 Bank Nifty may move towards next long targets of 44000 - 44420

On the downside:

Bank Nifty has to sustain and close below its weekly support at 42400 - 42240 for a move towards its initial weekly short targets of 41810 - 41690

Sustaining or closing below 41690 Bank Nifty may move towards its next short targets of 41320 - 40910

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

Bank Nifty has now made a high of 44151.80 on 14th Dec 2022 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18887.60 on 01st Dec 2022 from the lows of 7511 made on 24th March 2020.

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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor before entering any trades based on them. The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions